Profit pledge: Castlemartyr chiefs confident despite latest loss at resort

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Profit pledge: Castlemartyr chiefs confident despite latest loss at resort


Castlemartyr Resort
Castlemartyr Resort

The directors of Castlemartyr Resort in Co Cork believe that the hotel will become profitable in the coming years after sustaining losses of €564,728 last year.

In new accounts filed by Castlemartyr Country Hotel Resort Ltd, the directors said the loss for the 12 months to the end of March last “is in line with expectations due to the nature of any startup business of this scale”. The firm began operations in September 2015. Revenues in the 12 months to the end of March last year increased by 7pc, from €9.5m to €10.1m.

The general manager at the five-star resort, Brendan Comerford, said: “We are happy with the trading figures and hope to continue the growth.” The 220-acre resort was acquired for €14m by British businessman and hotelier Martin Shaw in September 2015. There was a loss of €531,125 in fiscal year 2017 and €642,275 for a six-month period in 2015/2016.

The loss last year included a non-cash depreciation charge of €568,103. The loss also takes account of interest charges of €31,328.

Numbers employed rose from 210 to 296 as staff costs rose from €4.4m to €4.6m. The company’s cash increased from €97,368 to €783,676.

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Irish Independent

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